HLAG Hapag-Lloyd AG

By Adria Calatayud

Hapag-Lloyd said earnings and revenue for the second quarter fell sharply, hit by a slump in ocean freight rates and weaker volumes due to subdued demand.

The German container-shipping company said Thursday that net profit for the quarter was 1.00 billion euros ($1.10 billion) compared with EUR4.48 billion a year earlier on revenue that more than halved to EUR4.42 billion from EUR8.99 billion

Earnings before interest, taxes, depreciation and amortization fell to EUR1.28 billion from EUR5.28 billion.

The company's transport volumes were 3.4% lower for the first half as a whole, while the average freight rate fell by more than a third.

The company confirmed its expectations for 2023, which include Ebitda ranging from EUR4 billion to EUR6 billion and earnings before interest and taxes of between EUR2 billion and EUR4 billion.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

August 10, 2023 02:01 ET (06:01 GMT)

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